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Fly News Breaks for June 22, 2018
RHT
Jun 22, 2018 | 08:05 EDT
Wells Fargo analyst Siti Panigrahi attributes the post-earnings selloff in shares of Red Hat to "weak" Q1 billings and fiscal Q2 guidance coming in below consensus expectations. However, the company continues to see strong momentum in its emerging technologies, especially OpenShift, Panigrahi tells investors in a research note. While the company does not benefit from a strong renewal pipeline this fiscal year, Red Hat should benefit from the secular trend in cloud platform and infrastructure, the analyst contends. Panigrahi keeps an Outperform rating on Red Hat with a reduced price target of $170.
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